Borr Drilling Ltd
Borr Drilling Ltd is an offshore drilling contractor incorporated in Bermuda and listed in the United States and Norway. The company owns and operates modern jack-up rigs used to drill oil and gas wells and perform workover operations in shallow-water offshore markets worldwide.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueOperation of modern jack-up rigs in shallow-water offshore drilling markets.
Bareboat charter and related contractual use of rigs under customer arrangements.
Local operating and well-service structures supporting offshore drilling contracts.
Services performed on existing wells to maintain or improve production.
Customers
Borr Drilling serves oil and gas exploration and production customers that need shallow-water offshore rigs to drill new wells or work over existing wells. The customer base includes national oil companies, international oil companies, and regional operators that contract rigs for multi-month or multi-year campaigns. In some markets, the company also participates through local partnerships or bareboat charter structures that align rig ownership with local operating requirements.
They contract rigs for state-backed offshore drilling campaigns and long-duration field programs.
They buy rig capacity for offshore exploration, development, and workover drilling.
They use jack-up rigs for shallow-water wells where modern fleet availability matters.
They participate in market entry and operational structures in countries such as Mexico.
Strategy
Borr Drilling’s strategy centers on owning and operating a modern jack-up fleet that can be deployed in shallow-water offshore markets where premium rig capability is valued. The company also uses local partnerships and contractual structures to simplify market access and support growth in selected regions such as Mexico.
Fleet quality and specification are central to winning offshore contracts.
These markets offer recurring offshore drilling demand and long contract visibility.
Simpler structures can improve execution and align local responsibility with operations.
Geography
2025Borr Drilling operates internationally with a fleet deployed across offshore oil and gas markets rather than a single domestic basin. The reports specifically highlight Mexico as an important operating market, while the company states that its rigs are marketed and deployed worldwide in shallow-water regions. Geography matters because rig utilization, contract duration, and local operating structures depend on country-specific offshore regulation, partner relationships, and customer activity.
Share of the revenue the company reports by geography.
Risks
Borr Drilling is exposed to offshore drilling demand cycles, contract renewal risk, and customer spending decisions tied to oil and gas prices. Its business also depends on asset utilization, rig availability, and safe execution across multiple jurisdictions, while local partnership structures can create operational and counterparty complexity.
- Offshore drilling cycle exposureImpact: HighLikelihood: High
Customer demand for jack-up rigs depends on oil and gas investment activity.
Exposure: Fleet utilization and dayrate visibility
- Contract renewal and redeployment riskImpact: HighLikelihood: Medium
Rigs must roll from one contract to another without long idle periods.
Exposure: Contracted revenue and utilization
- Operational safety and downtime riskImpact: HighLikelihood: Medium
Rig accidents, maintenance issues, or technical failures can interrupt operations.
Exposure - Country and partner execution riskImpact: MediumLikelihood: Medium
Operating through joint ventures and local structures can complicate control and economics.
Exposure: Mexico and similar market structures
Accounting
Judgemental itemsRig values depend on offshore market conditions and future utilization assumptions.
Impact: Can create large non-cash charges if expected cash flows weaken
The company discloses estimates for the fair market value of acquired rigs.
Impact: Affects asset basis, depreciation, and future impairment testing
Customer payment risk must be estimated for drilling and charter contracts.
Impact: Can affect bad debt provisions and reported earnings
Contract billings and service timing can create timing differences in revenue recognition.
Impact: Can shift revenue and liability balances between periods
Long-term notes and related financing structures are significant on the balance sheet.
Impact: Affects interest expense, covenant monitoring, and liquidity presentation
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Last updated: 28/09/2026